::BMA Trade::

Sanctions not to affect plan for Iran gas: FO \ Dawn | Pakistan’s forex reserves fall to $16.80bn \ Daily Times | SECP to promote capital markets abroad \ The News | Fiscal deficit to soar beyond seven percent \ Business Recorder | Pentagon proposes 13pc cut in US Army size \ The News | LSM growth slows to 1.52pc in July-Nov \ Dawn | Sanctions not to affect plan for Iran gas: FO \ Dawn | Pakistan’s forex reserves fall to $16.80bn \ Daily Times | SECP to promote capital markets abroad \ The News | Fiscal deficit to soar beyond seven percent \ Business Recorder | Pentagon proposes 13pc cut in US Army size \ The News | LSM growth slows to 1.52pc in July-Nov \ Dawn |

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Cement: Life after CCP Raid and LUCK 1HFY12 Preview

Based on our recent discussion with the cement industry we downplay the risk of any sudden fall in local cement prices due to major factors including persistent increase in cost pressures of local components

Resultantly, we believe that despite no major uptick in dispatches, local cement prices would continue to remain at current levels of PKR410-425 per bag in 2HFY12 as well, thus contributing into double digit growth for cement sector in FY12

We expect Lucky’s bottom line to remain in tune of PKR3.05bn (EPS PKR9.50) compared to PKR1.46bn (EPS PKR4.52) in the same period last year

Moreover, 2QFY12 is expected to conclude in more optimistic note as we expect the company to post profit of PKR1.55bn (EPS PKR4.80) up 112% compared to PKR734mn (EPS PKR2.27) in the corresponding period last year

Welcome to BMA, it gives us great pleasure to introduce BMA Trade as part of the BMA group of companies. Our firm possesses a strong capability for providing cutting edge brokerage solutions for our client. Pakistan's Equity Markets have matured rapidly and BMA's goal is to leverage our industry leadership in brokerage through a multi-product business model. Our focus is on builiding long term relationship with our clients , delivering the best possible investment solutions to meet their goals, while adhering to international best practices. BMA has built its corporate reputation upon the fundamental principles of Trust and Integrity which will continue to be key drivers for our business model moving forward.

		PKR Million
	26-Jan-2012	Buy Value	Sell Value	Net Value
	Individuals	2,826	-2,832	-6
	Companies	1,819	-1,869	-51
	Banks/DFI	430	-619	-189
	NBFC	26	-93	-68
	Mutual Funds	296	-189	107
	Other Organization	50	-34	17
NET Position
	LIPI	5,445	-5,636	-190
	FIPI	232	-42	190

Disclaimer: Investors are advised in their own interest to carefully read the contents of the account opening form, in particular the risk factors mentioned in Para 3(ii), 3(ii) and 6 and Warnings in Para 24 (iv) before making any investment decision.